This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CSC Provides Preliminary Update For Fourth Quarter And Fiscal Year 2012

CSC (NYSE: CSC) today provided a preliminary and unaudited update for the fourth quarter and the full fiscal year 2012, ended March 30, 2012.

On December 27, 2011, the Company announced a material impairment of its net investment in the UK National Health Service (NHS) contract and at the same time, withdrew its guidance for its fiscal year 2012. Given the uncertainty surrounding the future of the NHS contract, the Company was not in a position to reasonably estimate fiscal 2012 financial performance.

On March 5, 2012, the Company announced that it had signed a non-binding letter of intent (LOI) with the NHS that provided a framework upon which the contract could continue. The parties targeted the completion of a binding interim agreement on or before March 31, 2012.

On April 4, 2012, the Company announced that the parties had not reached a binding agreement and that discussions are continuing.

With clarity around the NHS situation as it affects fiscal 2012 results, the Company is in a position to provide a more reasonable range of expected results in advance of the release of audited results in the mid-May timeframe.

The preliminary and unaudited Fiscal Year 2012 update is as follows:

             
    Fourth Quarter     Fiscal Year
             
 

New Business Awards (billions)

~$6

~$19

             
 
Revenue (billions)
GAAP ~$4.1 ~$15.9
             
 
Earnings (loss) per Share
GAAP ~$(0.92) to ~$(0.96) ~$(27.27) to ~$(27.31)
Adjusted

~$0.19 to ~$0.21

~$2.45 to ~$2.49

             
 

Free cash flow (millions)

~$225 to ~$275

~$50 to ~$100

             

Adjusted (non-GAAP) amounts exclude the estimated impact of the previously announced NHS charge, goodwill impairments, the US claims settlement, iSOFT dilution, and a fourth quarter restructuring charge (see attached supplemental data).

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs